【摘要】 基于美联储和欧央行2008年至2021年非常规货币政策实施情况，通过统一划分实施阶段和政策类型，对比美欧政策工具和传导机制，运用TVP-VAR模型比较不同渠道的政策传导效果，探讨美欧非常规货币政策分化的时间、表现和原因。研究发现，美欧非常规货币政策在危机初期和危机应对阶段已经分化，在操作阶段、政策工具、政策目的、政策效果方面呈现出多维度分化的特点。美国和欧元区国家在经济基本面、危机爆发来源、危机应对方式和政策实施效果等方面的差异造成了美联储和欧央行非常规货币政策的多维度分化现象。结合政策特点和基本国情，我国实施非常规货币政策时应强化风险控制，重视国际风险；及时精准施策，善用工具组合；加强政策沟通，作出明确承诺；把握经济全局，政策协调配合。更多还原

【Abstract】 Based on the implemen tation of the unconventional monetary policies by the Federal Reserve and the European Central Bank from 2008 to 2021, this study divides the implementation stages and policy types uniformly, compares the policy tools and transmission mechanisms of the United States and Europe, and uses the TVP-VAR model to compare the policy transmission effects of different channels, so as to explore the time, performance and reasons for the differentiation of unconventional monetary policies in the United States and Europe. The findings show that unconventional monetary policies in the United States and Europe have differentiated in the early stages of crises and the crisis responding stages, exhibiting multi-dimensional differentiation in terms of operation stage,policy tools, policy objectives, and policy effects. The differences in such aspects as economic fundamentals, sources of crisis outbreaks, crisis response methods, and policy implementation effects between the United States and Eurozone countries have led to the multi-dimensional differentiation of unconventional monetary policies between the Federal Reserve and the European Central Bank. Based on the policy characteristics and the basic national conditions, when implementing unconventional monetary policies, China should strengthen risk control and attach importance to international risks,implement strategies timely and precisely, make good use of tool combinations, strengthen policy communication, make clear commitments, grasp the overall economic situation, and coordinate the policies.更多还原